The pair fell to daily low at 106.38 after China announced its tariff retaliation, materializing their earlier warning about response to new US tariffs on imports from China from 1 Sep. Dovish comments from Fed’s Bullard, just hours ahead of Powell’s speech, added to negative sentiment, as traders already turned into safe-have after Chinese announcement. Fresh easing moved the price away from key barriers at 106.68/66 (20DMA / Fibo), but rising bullish momentum and north-heading stochastic support near-term action, ahead of today’s key event, Fed Powell’s speech in Jackson Hole symposium.
Res: 106.68; 106.97; 107.13; 107.57
Sup: 106.38; 106.27; 106.16; 105.65
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